NAIRA GAINS AGAINST DOLLAR IN OFFICIAL AND BLACK MARKETS

After several days of decline, the Naira rebounded on Wednesday, recording gains against the US dollar in both the official and parallel (black) markets.

Data from the Central Bank of Nigeria (CBN) showed the Naira appreciated to ₦1,534.83 per dollar at the official window, an improvement from ₦1,537.09 recorded on Tuesday. This represents a day-to-day gain of ₦2.26.

In the black market, the local currency also strengthened, closing at ₦1,565 per dollar — up by ₦5 from Tuesday’s ₦1,570 rate.

The mid-week recovery comes after a period of steady depreciation, offering a glimmer of relief for businesses and individuals concerned about rising exchange rates.

Analysts say the Naira’s performance in the coming days will depend on market liquidity, foreign inflows, and sustained policy interventions from the CBN.